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Prepare journal entries to record first two interest payment

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Reference no: EM132574108

Problem - Straight-Line: Amortization of bond premium

Ellis Company issues 7.5%, five-year bonds dated January 1, 2019, with a $590,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $627,746. The annual market rate is 6% on the issue date.

Required -

1. Complete the table to calculate the total bond interest expense over the bonds' life.

2. Prepare a straight-line amortization table for the bonds' life.

3. Prepare the journal entries to record the first two interest payments.

Reference no: EM132574108

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